Amazon temporarily became a $1 trillion company

It's the second US company to do so

In context: Amazon temporarily hit a total market capitalization of $1 trillion today, after its stock prices shot past the the $2,050.27 valuation necessary to reach this milestone. This temporary achievement plants Amazon firmly among the ranks of Apple and PetroChina, the only other international companies who have performed the same feat.

The tech industry has been growing at a seemingly-exponential rate over the past few years, and several companies have begun to emerge as near-monopolists due to the superior quality of their services.

Google dominates the online search space, Amazon is the king of online shopping, and Uber and Lyft have all but taken over the taxi and ride-sharing industries.

This growth was made clear when Apple managed to become the first US-based trillion-dollar company earlier this year. Though it was a briefly-held position, given the erratic nature of the stock market, it was an exciting milestone nonetheless.

Now, Amazon has followed in Apple's footsteps - the online retail giant successfully snagged the trillion-dollar company title for itself today, albeit temporarily.

The company's stock, as reported by CNBC, cruised past $2,050.27 per share, which was the bare minimum valuation Amazon needed to achieve a $1 trillion market cap.

Interestingly, as The Verge points out, Amazon is only the third company internationally to hit a $1 trillion market cap. Apple was the second, and PetroChina reportedly reached that goal for a time way back in 2007.

Of course, this news is unlikely to have any significant impact on Amazon as a company or the market at large. However, it'll be an interesting milestone to look back on as the tech industry expands in the future.